D. E. Shaw & Co. Inc. Invests $12.68 Million in Magnera Corp (NYSE:MAGN)

D. E. Shaw & Co. Inc. acquired a new stake in Magnera Corp (NYSE:MAGN) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 698,046 shares of the company’s stock, valued at approximately $12,683,000. D. E. Shaw & Co. Inc. owned 19.94% of Magnera at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB bought a new position in Magnera in the 4th quarter valued at $26,000. Vestcor Inc purchased a new position in Magnera during the fourth quarter worth about $46,000. State of Alaska Department of Revenue purchased a new position in Magnera during the fourth quarter worth about $48,000. KBC Group NV purchased a new position in Magnera during the fourth quarter worth about $51,000. Finally, National Bank of Canada FI bought a new position in Magnera in the 4th quarter worth about $52,000. Hedge funds and other institutional investors own 76.92% of the company’s stock.

Magnera Stock Up 2.1%

Shares of MAGN stock opened at $15.06 on Wednesday. The business’s 50-day moving average price is $16.31. Magnera Corp has a 12-month low of $12.20 and a 12-month high of $26.78. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.52 and a current ratio of 2.45. The company has a market capitalization of $536.14 million, a price-to-earnings ratio of -0.82 and a beta of 1.76.

Magnera (NYSE:MAGN) last released its earnings results on Wednesday, May 7th. The company reported ($1.15) earnings per share for the quarter, missing analysts’ consensus estimates of $0.20 by ($1.35). Magnera had a negative return on equity of 10.62% and a negative net margin of 6.97%. The firm had revenue of $824.00 million during the quarter. The firm’s quarterly revenue was up 47.7% on a year-over-year basis.

Insider Transactions at Magnera

In other Magnera news, Director Carl J. Rickertsen bought 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average price of $20.33 per share, for a total transaction of $406,600.00. Following the transaction, the director now directly owns 21,306 shares in the company, valued at $433,150.98. This trade represents a 1,531.39% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Curt Begle purchased 20,275 shares of the business’s stock in a transaction on Friday, May 9th. The shares were acquired at an average price of $14.01 per share, with a total value of $284,052.75. Following the completion of the transaction, the chief executive officer now owns 44,341 shares of the company’s stock, valued at approximately $621,217.41. This trade represents a 84.25% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 60,275 shares of company stock worth $993,653. 2.26% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MAGN. Wells Fargo & Company lifted their price target on Magnera from $22.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Vertical Research assumed coverage on shares of Magnera in a report on Wednesday, March 19th. They issued a “hold” rating and a $21.00 price target on the stock.

Magnera Company Profile

Magnera’s purpose is to better the world with new possibilities made real. By continuously co-creating and innovating with our partners, we develop original material solutions that make a brighter future possible. With a breadth of technologies and a passion for what we create, Magnera’s solutions propel our customers’ goals forward and solve end-users’ problems, every day.